Bitcoin has reversed its upward trend, dropping to the $61,000 range. This decline is attributed to heightened tensions in the Middle East, which have increased risk aversion in global financial markets, coupled with uncertainties surrounding U.S. monetary policy that have dampened investor sentiment.
According to CoinMarketCap, as of 8 a.m. on July 14, Bitcoin was trading at $61,847, down 2.69% from the previous day.
The price of Ethereum fell 2.05% to $1,755. Binance Coin (BNB) and Solana also saw declines of 1.38% and 2.69%, trading at $564 and $74, respectively. Ripple (XRP) recorded a drop of 2.69%, priced at $1.05.
The renewed tensions between the U.S. and Iran have contributed to rising international oil prices and a spread of risk aversion in global financial markets. Analysts suggest that investors are reducing their exposure to volatile assets like cryptocurrencies, leading to increased selling pressure.
Additionally, the possibility of a Federal Reserve interest rate hike later this year has further weakened investor sentiment towards risk assets, including cryptocurrencies.
As of 8 a.m. on the same day, Bitcoin was trading at approximately 92,219,000 won ($61,928) on the domestic exchange Bithumb, reflecting a 0.89% decrease from the previous day. The 'Kimchi premium' stood at -0.395%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.
* This article has been translated by AI.
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